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Statement on "Framework for 'Investment Contract' Analysis of Digital Assets"
April 3, 2019--Bill Hinman, Director of Division of Corporation Finance
Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation
Blockchain and distributed ledger technology can catalyze a wide range of innovation. We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.
Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws.
As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.
view the Framework for "Investment Contract" Analysis of Digital Assets
Source: SEC.gov
MicroSectorsTM launches Leveraged and Inverse Leveraged U.S. Big Banks Exchange Traded Notes on NYSE Arca
April 3, 2019--REX Shares, LLC (REX) has announced an expansion of their MicroSectorsTM brand with the launch of a suite of Leveraged and Inverse Leveraged Exchange Traded Notes (the ETNs). The ETNs are linked to the Solactive MicroSectorsTN U.S. Big Banks Index (the Index) and will be issued by Bank of Montreal.
These products amplify the MicroSectorsTN brand which was created in January 2018 with the Leveraged and Inverse Leveraged FANG+ linked ETNs. MicroSectorsTN U.S. Big Banks Index 3x Leveraged ETN (symbol: BNKU), MicroSectorsTN U.S. Big Banks Index -3x Inverse Leveraged ETN (symbol: BNKD), MicroSectorsTN U.S. Big Banks Index 2x Leveraged ETN (symbol: BNKO), MicroSectorsTN U.S. Big Banks Index -2x Inverse Leveraged ETN (symbol: BNKZ), and MicroSectorsTN U.S. Big Banks Index Inverse ETN (symbol: KNAB) started trading today on NYSE Arca.
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Source: BMO Financial Group
FTSE Russell appoints new Canada Country Head
April 3, 2019--Paul Bowes appointed Country Head, FTSE Russell Canada
Will lead business development, partnering with clients and key stakeholders
Brings a wealth of experience across fixed income and equity capital markets, indices and derivatives
FTSE Russell, the global index, data and analytics provider, today announced the appointment of Paul Bowes as Country Head, FTSE Russell Canada. In this newly created role, Bowes will be responsible for further developing FTSE Russell Canada's leadership in fixed income market data while expanding its capabilities in multi-asset benchmarks and index-based derivatives.
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Source: FTSE Russell
CFTC.gov Swaps Report Update
April 3, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
State Street Global Advisors Launches Two Sector Rotation SPDR ETFs
April 3, 2019--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of two actively-managed, sector rotation SPDR ETFs with tactical allocation strategies.
The SPDR SSGA US Sector Rotation ETF (XLSR) and SPDR SSGA Fixed Income Sector Rotation ETF (FISR) are managed by the firm’s Investment Solutions Group (ISG). ISG is comprised of more than 75 strategists, analysts and portfolio managers overseeing more than $266 billion in assets for investors including the world's leading central banks, sovereign wealth funds and pension funds. 1
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Source: State Street Global Advisors
Solactive MicroSectorsTM U.S. Big Bank Index launches, underlying new MicroSectors ETNs
April 3, 2019--Solactive is pleased to announce the Solactive MicroSectorsTM U.S. Big Bank Index. The Index premiers as Solactive's first joint collaboration with US company REX Shares, functions as the underlying for a series of long & short ETNs for sophisticated investors, and is linked only to the biggest U.S. banks.
With respect to conventional sector classification, the equal-weighted index captures the ten largest securities according to free-float market capitalization from the U.S. banking sector, giving investors direct exposure to system-relevant financial companies.
U.S. banks are one of the highly traded businesses. Their aggregated performance bears the potential to express views on earnings, stress tests, the Fed, the yield curve, and more. They present data, which monetary professionals utilize to derive health indicators of the U.S. financial system.
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Source: Solactive AG
CBO-The 2019 Budget and Economic Outlook
April 2, 2019--In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years.
CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019-2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes-most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
BlackRock Launches Sweeping Overhaul in Bid to Boost Growth
April 2, 2019--Wall Street giant installs new leaders at key division, reorganizes sales staff and shifts roles for directors
BlackRock Inc. is undertaking its most sweeping organizational overhaul in a decade as the Wall Street behemoth wrestles with how to keep its empire growing.
The world's largest money manager is installing new leaders at a key investment division, reorganizing sales staff, shifting some two dozen directors into different roles and handing expanded responsibilities to two contenders in the race to succeed Chief Executive Laurence Fink..
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Source: Wall Street Journal
The Forum at ETF Research Center-Sector SPDR Analyzer for April 2019 is Out
April 2, 2019--The ETF Analyzer, Sector SPDR Edition for April 2019 is ready for download. This monthly publication has succinct one-page reports on each of the 11 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
It helps investors:
Evaluate the funds based on investment merit using fundamental data and analysis
Compare the Sector SPDRs with ease on a variety of forward-looking valuation metrics
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Source: AltaVista Research
House Panel Passes Retirement Bill to Raise RMD Age, Boost Annuities
April 2, 2019--Chairman Neal stated Tuesday that retirement legislation is one of his “top priorities.”
The House Ways and Means Committee on Tuesday passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which makes it easer to offer annuities in 401(k) and 403(b) plans, raises the age for taking required minimum distributions from 70 1/2 to 72, and expands 529 plan use to homeschooling.
During the bill's Tuesday morning markup, Committee Chairman Richard Neal, D-Mass., stated that one of his "top priorities" as chairman "is to help workers of all ages prepare for a financially secure retirement."
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Source: thinkadvisor.com
